The Draft UAE Commercial Companies Law: Comparative Changes
Type
E-journal
Date
16 Apr 2012
Jurisdiction
United Arab Emirates
Taxonomy
Companies & Corporate Bodies
Copyright
LexisNexis
Relevant company
Habib al Mulla & Partners
Legal reference
Federal Law No. 8/1984
Analysis
2012 commenced with lively discussion on the proposed UAE Federal Law on Commercial Companies, which is anticipated that its implementation will improve the business landscape in the UAE, making it easier to do business here and potentially boosting the economy
The new law, once implemented, is also tipped to help upgrade the UAE's status from a frontier market to an emerging market, however it is questionable whether it will bring about the level of change anticipated and needed by the market.
Having reviewed the new law (as currently drafted) in detail and comparing it with the existing Federal Law No. 8/1984 concerning Commercial Companies, as amended (the CCL), we have observed many noteworthy changes and amendments. This article highlights some of the main changes in terms of how they will impact companies seeking to carry out or already carrying out business in the UAE.
Changes in Shareholding
Sole Shareholder